Lee Jae-yong "No Personal Gain Intended... Believes Merger Will Be Beneficial" (Update)

"Absolutely No Personal Gain Intended
Merger Believed to Help the Future
Samsung Will Become Loved by the People Again"

Lee Jae-yong, Vice Chairman of Samsung Electronics, who was indicted on charges of unfair merger and accounting fraud, appealed in his final statement, saying, "There was never any intention for personal gain," and "I believed the merger would benefit both companies."

On the 25th, Lee made these remarks during the final trial of the appeal case on charges including violation of the Capital Markets Act, held by the Criminal Division 13 of the Seoul High Court (Presiding Judge Baek Gang-jin).

Samsung Electronics Chairman Lee Jae-yong is entering the Seoul High Court building on the 25th to attend the appellate trial verdict hearing for the Samsung C&T and Cheil Industries unfair merger suspicion case. Photo by Heo Young-han

Attending the trial that day, Lee stood up and read a prepared statement for his final remarks. He stated, "There was absolutely no intention to harm shareholders or deceive investors for personal gain."

Regarding the crisis theories emerging inside and outside Samsung, he said, "I am well aware that concerns about Samsung's future have grown significantly recently," adding, "Some say this is a fundamental crisis and worry that this time will be different from before. On the other hand, some encourage us, believing Samsung will overcome these difficulties."

He continued, "Hearing the worries and support from many people, I once again realized the great expectations the public has for Samsung," and appealed, "We will definitely overcome the difficult situation we are facing now, which is more challenging than ever."

He also explained about the merger between Samsung C&T and Cheil Industries. Lee said, "As a businessperson, I have always considered what measures can ensure the company's survival and sustainable growth," and "The merger in this case was no different. Upon receiving reports on the merger promotion, I believed it would clearly benefit the futures of both companies."

He added, "Any misunderstandings are due to my shortcomings and negligence," and said, "If the court finds any wrongdoing that should be held accountable under the strict standards of the law, I will fully take responsibility."

On the same day, the prosecution requested a sentence of five years imprisonment and a fine of 500 million won for Lee.